Not interested unless stock price very firm support by strong buy volume @ 1.2 or below

Comment

Revenue increased 27.4% and also higher than preceding year corresponding quarter 2.8%, eps increased 91.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 68.2%, cash generated from operating more than enough to cover little financing expenses but still spent 0.6% of Group cash to cover investing expenses, margin slightly recovered, liquidity and gearing ratio also indicate very firm financial health but too much resources not utilize to gain more value, all accounting of collection or repayment period is good

First Support Price

1.2

Second Support Price

1.15

Risk Rating

MODERATE

Research House

OSK Target Price

1.16 (2012-08-22)

RHB Target Price

1.66 (2012-08-22)

HLG Target Price

1.49 (2012-08-23)

Accounting Ratio

Return on Equity

1.99%

Dividend Yield

5.79%

Gross Profit Margin

0.00%

Operating Profit Margin

4.09%

Net Profit Margin

4.66%

Tax Rate

25.75%

Asset Turnover

1.3073

Net Asset Value Per Share

2.04

Net Tangible Asset per share

2.04

Price/Net Tangible Asset Per Share

0.59

Cash Per Share

0.62

Liquidity Current Ratio

7.316

Liquidity Quick Ratio

4.8813

Liquidity Cash Ratio

2.9105

Gearing Debt to Equity Ratio

0.1529

Gearing Debt to Asset Ratio

0.1326

Working capital per thousand Ringgit sale

43.8%

Days to sell the inventory

62

Days to collect the receivables

50

Days to pay the payables

25

Technical Analysis

SMA 10

1.192 (Uptrend)

SMA 20

1.196 (Uptrend 4 days)

SMA 50

1.231 (Downtrend)

SMA 100

1.261 (Downtrend)

SMA 200

1.287 (Downtrend)

MACD (26d/12d)

-0.005859 ( 0.001333 )

Signal (9)

-0.011453 ( 0.001399 )

MACD Histogram

0.005594 (Bullish trend 6 days)

Bolinger Upper Band

1.255

Bolinger Lower Band

1.137

My notes based on 2012 quarter 2 report (number in '000):-
- The increase in revenue and profit before tax were due to the increase in sale volume of all our steel products albeit at lower average selling prices

Revenue increased 21% but lower than preceding year corresponding quarter 7.3%, eps was same but lower than preceding year corresponding quarter 87.2%, cash generated from operating not enough for financing expenses hence spent 67.4% to cover all other expenses, gross margin decreasing, liquidity ratio still indicate very weak financial ratio, lower gearing ratio indicate financially healthy, payables repayment period improving, all accounting of collection or repayment period is good

First Support Price

1.01

Second Support Price

0.945

Risk Rating

HIGH

Research House

Jupiter Target Price

1.16 (2012-07-05)

Accounting Ratio

Return on Equity

34.53%

Dividend Yield

1.44%

Gross Profit Margin

15.43%

Operating Profit Margin

8.88%

Net Profit Margin

5.76%

Tax Rate

29.01%

Asset Turnover

0.2276

Net Asset Value Per Share

0.44

Net Tangible Asset per share

0.4

Price/Net Tangible Asset Per Share

2.6

Cash Per Share

0.04

Liquidity Current Ratio

0.7687

Liquidity Quick Ratio

0.6317

Liquidity Cash Ratio

0.4371

Gearing Debt to Equity Ratio

0.6341

Gearing Debt to Asset Ratio

0.3678

Working capital per thousand Ringgit sale

-12.9%

Days to sell the inventory

37

Days to collect the receivables

36

Days to pay the payables

144

Technical Analysis

SMA 10

1.047 (Downtrend)

SMA 20

1.06 (Downtrend 14 days)

SMA 50

1.067 (Uptrend)

SMA 100

1.053 (Uptrend)

SMA 200

1.005 (Uptrend)

MACD (26d/12d)

-0.010283 ( 0.000132 )

Signal (9)

-0.006741 ( 0.000885 )

MACD Histogram

0.003542 (Bearish trend 22 days)

Bolinger Upper Band

1.115

Bolinger Lower Band

1.005

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue mainly due to the decrease in average selling prices and sales volume for crude palm oil and palm kernel. Average selling prices of CPO and PK fell by 5.7% and 26.4% respectively for the current quarter as compared to the preceding corresponding quarter. The weakening of CPO and PK prices was attributable to the lower global market prices for oil palm products. Sales volume for CPO and PK decreased by 9.4% and 0.5% respectively for the current quarter as compared to the preceding corresponding quarter, due to the lower fresh fruit bunches (“FFB”) production from estates. Lower pbt in line with the decrease in revenue and the increase in cost of sales

Short form referencea_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year

Short term BUY if stock price can sustain above SMA50 and got very strong buy volume

Comment

Revenue increased 0.1% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 7.8%, eps decreased 3.4% but higher than preceding year corresponding quarter 211.7%, no cash generated from any of cash flow hence spent 60% of Group cash to cover all expenses, slightly better margin but still low, liquidity ratio still indicate very weak financial ratio, although gearing ratio got improved but still indicate weak financial leverage, all accounting of collection or repayment period still as asual acceptable, all segment turned positive

First Support Price

0.67

Second Support Price

0.63

Risk Rating

HIGH

Research House

OSK Target Price

0.8 (2012-05-23)

AMMB Target Price

0.55 (2012-08-17)

HwangDBS Target Price

0.7 (2012-08-17)

Jupiter Target Price

0.79 (2012-08-17)

Kenanga Target Price

0.73 (2012-08-17)

Maybank Target Price

0.88 (2012-08-17)

MIDF Target Price

0.56 (2012-08-17)

RHB Target Price

0.74 (2012-08-17)

TA Target Price

1.11 (2012-08-17)

Accounting Ratio

Return on Equity

-2.28%

Dividend Yield

-

Gross Profit Margin

0.00%

Operating Profit Margin

5.92%

Net Profit Margin

3.71%

Tax Rate

-

Asset Turnover

0.575

Net Asset Value Per Share

1.68

Net Tangible Asset per share

0.3

Price/Net Tangible Asset Per Share

2.35

Cash Per Share

0.18

Liquidity Current Ratio

0.8445

Liquidity Quick Ratio

0.4212

Liquidity Cash Ratio

0.107

Gearing Debt to Equity Ratio

1.3248

Gearing Debt to Asset Ratio

0.5687

Working capital per thousand Ringgit sale

-11.7%

Days to sell the inventory

113

Days to collect the receivables

190

Days to pay the payables

140

Technical Analysis

SMA 10

0.64 (Uptrend)

SMA 20

0.629 (Uptrend 5 days)

SMA 50

0.672 (Same)

SMA 100

0.733 (Downtrend)

SMA 200

0.877 (Downtrend)

MACD (26d/12d)

0.004543 ( 0.003952 )

Signal (9)

-0.010675 ( 0.003804 )

MACD Histogram

0.015218 (Bullish trend 5 days)

Bolinger Upper Band

0.744

Bolinger Lower Band

0.514

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt due to higher job recognition on stronger order book and better contribution margin from projects

- Europe Segment continue to operate with the strong order book from last year complimented with new orders secured in the current year. Profitability improved on higher project revenue recognition and better contribution margin

- Americas Segment continue to weigh down on the Americas performance, extending losses on the back of slowdown of order book as compared to the previous year. However, North America continue to contribute positively on progress of Canadian oil sands projects

Saturday, August 18, 2012

MALAYSIAN AIRLINE SYSTEM BERHAD is engaged in the business of air transportation and the provision of related services. As of December 31, 2007, it operated over 100 aircrafts, and the fleet dominated by Boeing 737s, 747s and 777s. It operates in two business segments. The Airline operations segment is engaged in the operation of aircraft for passenger. The Cargo services segment is engaged in the operation of aircraft for cargo and mail services. The Company is also engaged in hotel operations, catering, engineering, computerized reservation services, coach transportation, trucking and warehousing services, retailing of goods, terminal charges, and tour and travel-related activities. The Company flies 42,000 passengers to over 100 destinations across six continents everyday. In September 2007, the Company incorporated and purchased Malaysian Aerospace Engineering Sdn. Bhd., MASWings Sdn. Bhd., and FlyFirefly Holiday Sdn. Bhd. In December 2008, it acquired Kelip-kelip Labuan Limited.

Revenue increased 5.2% but lower than preceding year corresponding quarter 6.2%, eps increased 103.3% loss but decreased 33.7% loss than preceding year corresponding quarter, use disposal cash to cover operating expenses and use got more than enough cash generated from financing to cover investing expenses, operating loss reducing, liquidity ratio still indicate very weak financial strength, although gearing ratio got improved but still indicate weak financial leverage, all collection/repayment perid is good, temporary benefit from oil price below 100 but currently is increasing back

First Support Price

1.02

Second Support Price

0.9

Risk Rating

HIGH

Research House

ECM Target Price

1 (2012-04-06)

Jupiter Target Price

1.3 (2012-05-31)

AMMB Target Price

1.25 (2012-06-13)

HLG Target Price

0.92 (2012-08-15)

HwangDBS Target Price

0.9 (2012-08-15)

Kenanga Target Price

1.02 (2012-08-15)

Maybank Target Price

1.2 (2012-08-15)

MIDF Target Price

1.16 (2012-08-15)

OSK Target Price

1.38 (2012-08-15)

RHB Target Price

1 (2012-08-15)

TA Target Price

1.23 (2012-08-15)

Accounting Ratio

Return on Equity

-98.94%

Dividend Yield

-

Gross Profit Margin

0.00%

Operating Profit Margin

-3.17%

Net Profit Margin

-10.81%

Tax Rate

-

Asset Turnover

0.8726

Net Asset Value Per Share

0.45

Net Tangible Asset per share

0.4

Price/Net Tangible Asset Per Share

2.67

Cash Per Share

0.59

Liquidity Current Ratio

0.3893

Liquidity Quick Ratio

0.3517

Liquidity Cash Ratio

0.2078

Gearing Debt to Equity Ratio

9.256

Gearing Debt to Asset Ratio

0.9016

Working capital per thousand Ringgit sale

-43.5%

Days to sell the inventory

8

Days to collect the receivables

37

Days to pay the payables

109

Technical Analysis

SMA 10

1.045 (Uptrend)

SMA 20

1.052 (Downtrend 39 days)

SMA 50

1.088 (Downtrend)

SMA 100

1.143 (Downtrend)

SMA 200

1.284 (Downtrend)

MACD (26d/12d)

-0.007573 ( 0.004935 )

Signal (9)

-0.014118 ( 0.001636 )

MACD Histogram

0.006545 (Bullish trend 4 days)

Bolinger Upper Band

1.115

Bolinger Lower Band

0.989

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue than FY11Q2 due to decrease in operating revenue in Cargo Services was due to 15% decline of load tonnage and 16% decline of capacity and lower loss was due to lower non-fuel cost by 9% and a decrease in fuel cost by 8% in which average fuel cost has decreased from USD140 per barrel to USD 132 per barrel